BoE's Carney: Rates to rise in a gradual and limited manner

FXStreet (Łódź) - Governor Mark Carney, who is speaking at an investment conference in Glasgow, said that the timing of the first rate hike is dependent on economic data.

• "As the economy normalizes, interest rate will need to start to rise in order to achieve the inflation target," Carney stresses.

• Spare capacity in UK economy is being used up more quickly than expected.

• Carney suggests that the UK should diversify trade away from slow-growing developed markets such as Europe to Commonwealth, Emerging Markets

• "Muted" demand from main export markets and a 12% GBP rise over the last year mean headwinds will be slow to die down.